SINGAPORE is the top in Asia, and just second in the world, when it comes to talent competitiveness, according to a new report which warns that countries in Asia, Latin America and Africa are seeing a progressive erosion of their talent base.
The report from business school Insead, in partnership with the Adecco Group and Tata Communications, placed Switzerland in the top spot globally, followed by Singapore, the United States, Norway, and Denmark rounding out the top five.
Talent competitiveness measures how much a destination can attract, nurture and retain quality prospective employees. The research considers six key pillars: Enable, Attract, Grow, Retain, Vocational and Technical Skills, and Global Knowledge Skills.
“As the world of work rapidly changes, there is a danger that if countries and cities do not have the right conditions for attracting talent, people and businesses will move away and look for opportunities elsewhere,” Alain Dehaze, Chief Executive Officer of the Adecco Group, said.
This year’s report found that cities, rather than whole countries, were proving more of a draw for talent, believing they will be crucial in reshaping the global talent scene.
“This growing importance of cities is due to their greater flexibility and ability to adapt to new trends and patterns – as nimble economic units where policy can be changed more swiftly, cities are thus more attractive for talent, especially entrepreneurial talent,” Insead said in a statement.
Europe dominated the top 5 cities, but it was Washington DC in America that took the top spot. The report points to its steady economy, dynamic population, outstanding infrastructure and connectivity, highly-skilled workforce and world-class education as reasons for it beating out the competition.
This year’s report focused on entrepreneurial talent and how countries and cities are encouraging and nurturing it.
They found new approaches are emerging to stimulate entrepreneurial and intrapreneurial talent and futureproof employees. These include efforts to develop bottom-up innovation and empower employees.
“Entrepreneurship appears to be a decisive talent to succeed,” said Felipe Monteiro, Insead Affiliate Professor of Strategy, Academic Director, and co-editor of the report.
“All types of organisations have to attract and enhance entrepreneurial talent, in an era where ecosystems around the globe are drastically reshaped by digital transformation.”
Within Asia Pacific, Singapore was followed by New Zealand in second, Australia in third, Japan in fourth, and Malaysia coming in fifth.